Malaysian financier at centre of scandal aims to resolve case targeting close to $1bn in assets

Jho Low, the Malaysian financier at the centre of the 1MDB scandal, has struck a $700m settlement with the US Department of Justice that resolves a string of civil forfeiture lawsuits targeting assets including luxury properties and a private jet.

The settlement, the largest civil forfeiture ever agreed by the justice department, fully resolves 10 lawsuits brought by the DOJ as it sought to recover cash allegedly stolen from 1MDB, Malaysia’s government investment fund.

It marks the latest step towards a resolution of a multibillion-dollar corruption scandal that rocked Malaysia and implicated Goldman Sachs.

“This settlement agreement forces Low and his family to relinquish hundreds of millions of dollars in ill-gotten gains that were intended to be used for the benefit of the Malaysian people,” said Brian Benczkowski, the head of the criminal division of the justice department, in a statement.

The assets included in the settlement include a Bombardier Global 500 jet, high-end real estate in London, New York and Los Angeles, and a “luxury boutique hotel” in Beverly Hills.

The deal, filed in California on Wednesday evening, requires approval by the courts. It also addresses three additional lawsuits that will remain outstanding as they include other parties not involved in the agreement.

In a statement provided by his spokeswoman, Mr Low called the deal a “historic agreement” and said it was the result of “good faith discussions” with the justice department.

Mr Low, who was indicted in the US last year, still faces criminal prosecution for his alleged role as the mastermind behind the looting of 1MDB. He has denied any wrongdoing and remains at large.

“Importantly, the agreement does not constitute an admission of guilt, liability or any form of wrongdoing by me or the asset owners,” the statement added.